CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 184,443	$ 337,595
Restricted cash		12,421	6,092
Commercial mortgage loans, held for investment, net of allowance for credit losses of $78,083 and $47,175 as of December 31, 2024 and 2023, respectively	[1]	4,908,667	4,989,767
Commercial mortgage loans, held for sale, measured at fair value	[2]	87,270	0
Real estate securities, available for sale, measured at fair value, amortized cost of $202,894 and $243,272 as of December 31, 2024 and 2023, respectively	[3]	202,973	242,569
Receivable for loan repayment	[4]	157,582	55,174
Accrued interest receivable		42,225	42,490
Prepaid expenses and other assets		17,526	19,213
Intangible lease asset, net of amortization		39,834	42,793
Real estate owned, net of depreciation		113,160	115,830
Real estate owned, held for sale		222,890	103,657
Equity method investment		13,395	0
Total assets		6,002,386	5,955,180
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		3,628,270	3,567,166
Mortgage note payable		23,998	23,998
Unsecured debt		81,395	81,295
Credit default swaps		713	0
Interest payable		12,844	15,383
Distributions payable		36,237	36,133
Accounts payable and accrued expenses		14,443	13,339
Intangible lease liability, held for sale		1,291	12,297
Total liabilities		4,392,581	4,279,223
Commitments and Contingencies
Redeemable convertible preferred stock:
Total redeemable convertible preferred stock		89,748	89,748
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,066,789 and 82,751,913 issued and outstanding as of December 31, 2024 and 2023, respectively		818	820
Additional paid-in capital		1,600,997	1,599,197
Accumulated other comprehensive income (loss)		79	(703)
Accumulated deficit		(348,074)	(298,942)
Total stockholders' equity		1,512,562	1,559,114
Non-controlling interest		7,495	27,095
Total equity		1,520,057	1,586,209
Total liabilities, redeemable convertible preferred stock and equity		6,002,386	5,955,180
Related Party
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		14,106	19,316
CMBS
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		329,811	299,707
Other financings		12,865	36,534
Repurchase agreements, real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		236,608	174,055
Series H Preferred Stock
Redeemable convertible preferred stock:
Total redeemable convertible preferred stock		89,748	89,748
Series E Preferred Stock
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of December 31, 2024 and 2023, respectively		$ 258,742	$ 258,742

[1] Includes pledged assets of $268.7 million and $299.7 million as of December 31, 2024 and 2023, respectively.

[2] Includes pledged assets of $61.1 million and zero as of December 31, 2024 and 2023, respectively.

[3] Includes pledged assets of $180.7 million and $167.9 million as of December 31, 2024 and 2023, respectively.

[4] Includes $157.0 million and $55.1 million of cash held by the servicer related to the CLOs as of December 31, 2024 and 2023, respectively.